Profit Before Tax of €24.8 Million
Langley Holdings plc, the diverse engineering and industrial group that includes Manroland, has published its Interim Trading Statement for the six months to 30 June 2019. The group reported a profit before tax and non-recurring costs of €24.8 million on revenues of €358.1 million. Profits before tax for the full year are forecast at €64.9 million on revenues of €905.0 million, after non-recurring costs of €4.7 million associated with the acquisition of Marelli Motori, an Italian manufacturer of electric motors and generators, acquired in May.
Tony Langley, the group’s Chairman, said in his review of the business, that despite overall trading for the first six months being down compared to the same period last year, this was to be expected “after several years of successively record profits.” He goes on to say that the second half is looking more positive, although does not expect a return to previous years’ record performances. The group closed the half year with orders on hand of €297.3 million, net assets of €649.0 million and a consolidated cash balance of €228.7 million.